A type of government-backed mortgage that's insured by the Federal Housing Administration (FHA) and is generally easier to qualify for than conventional loans. This type of loan is often favored by first-time homebuyers, those with lower credit scores, or individuals who may not have the savings for a larger down payment
Backed by the US Department of Veterans Affairs, is a mortgage program for veterans, active duty service members, and eligible surviving spouses. It offers benefits like no down payment, no private mortgage insurance (PMI), and potentially better terms than conventional loans. These loans are issued by private lenders, but the VA guarantees a portion of the loan, allowing lenders to offer more favorable terms.
A type of debt financing used by businesses to fund various operational needs and capital expenditures. These loans are typically sourced from financial institutions like banks or credit unions and are repaid over time with interest.
A type of mortgage that isn't backed or insured by a government entity like the FHA or VA. Instead, it's offered and backed by private lenders, making it a popular choice for many homebuyers.
A financial product that deviates from the standard characteristics of a conventional loan, often used in situations where traditional loans may not be accessible or suitable. These loans can vary widely, with some offering flexible repayment options, like interest-only periods or balloon payments, and others being designed for specific borrower profiles, such as self-employed individuals or those with limited credit history.
A type of government-backed mortgage offered by the U.S. Department of Agriculture to help low- to moderate-income individuals purchase, build, or repair a home in eligible rural and suburban areas. These loans often require no down payment and offer competitive interest rates.
A mortgage that exceeds the maximum amount eligible for purchase by Fannie Mae and Freddie Mac, which are the government-sponsored enterprises that buy and sell mortgages. Jumbo loans are often used to finance more expensive properties, investment properties, or vacation homes.
Is a loan provided by an individual or organization, rather than a traditional financial institution like a bank or credit union. These loans are often used in real estate investing and are generally less regulated and faster to access than traditional loans, but they can come with higher interest rates and risk.
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